US Adds 236,000 Jobs In March Amid Signs Of Market Cooling

New Delhi: The US economy added 236,000 jobs in March, signaling that the jobs market may be starting to cool, according to data released by the Bureau of Labour Statistics. That's a significant drop from the previous month's gain of 311,000 jobs, reports Xinhua news agency.

The jobless rate for March slid slightly to 3.5 percent from February's 3.6 percent, the data showed on Friday. (Also Read: FD Interest Rates For Senior Citizens 2023: These Banks Offer Rates Over 9%)

In March, government employment increased by 47,000, health care added 34,000 jobs, and job growth also occurred in home health care services and social assistance, according to the Bureau. (Also Read: Bill Gates, Ex-Wife Share First Pic With Granddaughter - Check Pics)

Employment changed little in transportation, but job losses were recorded in retail trade, building material, furniture, home furnishings, electronics, and appliance retailers.

This occurred after around a year of aggressive rate hikes by the Federal Reserve, in a bid to battle the worst inflation in decades.

Before this, a report was out on March 21, 2023, and it says over 500 companies have laid off nearly 1.5 lakh workers to date this year. According to the latest data from layoff.fyi, a website that is tracking tech sector job cuts, 503 tech companies have laid off 148,165 employees to date.

After a dismal year for tech companies and startups in 2022 which saw at least 1.6 lakh employees being shown the door, 2023 started on a similar note. About 1,046 tech companies -- from Big Tech to startups -- laid off more than 1.61 lakh employees last year.

In January alone, close to 1 lakh tech employees lost jobs globally, dominated by companies like Amazon, Microsoft, Google, Salesforce, and others. 

Companies in the US cut 77,770 jobs in February, compared to 1,02,943 in January, with technology companies continuing to lead the layoff race, cutting 21,387 jobs last month, accounting for 28 per cent of all cuts.